Bitcoin hanging onto Lower Warning Line of Key Pitchfork!!
Since the low of $18125 price action has remained quite corrective and consolidative and has adhered strongly to this pivotal Schiff Pitchfork; using the genesis of wave W, the end of wave W and the end of Wave X as the 3 pivots. Price has constantly adhered to the Schiff Pitchfork and price is holding onto the lower warning line, having tested the lower warning line many times without any strong indication of buying strength with a likely breakout to the downside to occur. This comes in line with previous Macro Elliot Wave analysis accounting for a move building to the downside, where impulsive subwave strucutres are evident of a possible larger Macro 5th wave to the downside from a 5 wave move down from the ATH at ~$68000.
A break of the lower warning line as well as key support strucutures at current levels is likely to trigger a sharp impulsive sell off; with preliminary targets of $16200, $14800, $13500 and $10800 as some key levels of support for an ultimate completion of 5 waves from ATH.
Additionally, MACD is beginning to converge bearishly with a bearish cross likely showing downside momentum could be imminent.
If you would like to check out previous analysis on BTC, it can be found linked below.
Like for more ideas and Advanced Elliot Wave application and have a good day!
A break of the lower warning line as well as key support strucutures at current levels is likely to trigger a sharp impulsive sell off; with preliminary targets of $16200, $14800, $13500 and $10800 as some key levels of support for an ultimate completion of 5 waves from ATH.
Additionally, MACD is beginning to converge bearishly with a bearish cross likely showing downside momentum could be imminent.
If you would like to check out previous analysis on BTC, it can be found linked below.
Like for more ideas and Advanced Elliot Wave application and have a good day!
